A Toyota Financial Services (TFS) official confirmed that the captive finance company expects to release a wear-and-tear lease product for its dealers within the next month or so.
The brand new product isn’t completely finalized, but Justin Leach, TFS spokesperson, said, “We’re very excited. The product in itself will help us [help dealers increase lease penetration] as we educate the dealer on how to sell the product.”
Leach could not release any additional information on the product, but said the company will begin offering further details closer to its launch date.
As of November 2011, leasing represented 27.8 percent of Toyota’s business, according to CNW Research. The company’s share of the entire leasing market stood at 14.32 percent for the same time period.